All financial institutions to continue operations with reduced on-site staffing: MAS

THE Monetary Authority of Singapore (MAS) on Friday said that all financial institutions will continue to operate, although with reduced staffing on their premises, in line with the advisory from the Ministry of Health on maximising telecommuting. 

All ATMs will continue to function, said the Association of Banks in Singapore (ABS) in a separate statement. 

The statements come as banking and financial services is designated as one of 10 essential services that will continue to operate. Most workplaces must shut from next Tuesday as part of Singapore's tighter movement restrictions within the country, through to May 4, 2020.

"Banks will maintain adequate cash in ATMs, and there is no need for members of the public to withdraw more cash than their normal needs," MAS said.

"All financial markets in Singapore remain open, and payment services are unaffected," said the MAS.

MAS said banking services will continue to function through online channels, ATMs and bank branches. Insurance, broking, custody, asset management, and financial advisory services will also continue to be available.

That being said, some branches of banks and finance companies, as well as customer service centres of insurance companies, may close temporarily due to reduced customer traffic. OCBC said it will temporarily close 22 branches from April 9 to May 4.

ABS said it will coordinate among its member banks to ensure that in making these changes, branches remain "well distributed" across the country to adequately meet their customers' needs.

"The opening hours of some branches may be revised to better manage customer flows and ensure that customers are adequately served. Information on these changes will be provided by banks on their respective websites, ATMs, and other digital channels, as well as through the prior posting of notices at the affected branches."

It added: "All ATMs, including those at the temporarily closed branches, will remain available for cash services and withdrawals."

MAS said that customers should minimise going to financial institutions' branches or other premises, in line with MOH's advice to reduce people's movements and interactions. Customers should use online channels, such as internet banking or customer service portals, for their transactions.

It added that customers applying for the financial relief measures such as the deferral of bank loan and insurance premium payments announced by MAS on March 31 are urged to contact their financial service providers through phone or email.

MAS said it has instructed financial institutions to ensure that their customer-facing locations follow all relevant guidance on safe distancing issued by the health ministry.

ABS chairman Samuel Tsien said: "Although the use of digital payments and funds transfers has increased significantly over the years, we will also ensure that there is ample cash available for our customers at our branches and ATMs throughout Singapore."

Mr Tsien, who is also the CEO of OCBC, said banks will increase resources to support the smooth-running of branches that are open, and ensure safe distancing of bank staff and customers when they visit the branches.

"There is no cause for concern," he added.

"We are working closely with MAS to ensure that banking operations are not disrupted and customers' banking needs are met. All banks in Singapore are well positioned to support our customers as we weather these challenging times together."